The multinational cigarette and tobacco manufacturer Philip Morris International has announced a deal to acquire British inhalation drug company Vectura for $ 1.2 billion.
Philip Morris International (PMI), which owns a number of cigarette brands, including Marlboro, has invested in selected companies with the aim of moving away from its core tobacco business.
Earlier this year, PMI announced plans to generate more than 50% of its total net revenues from smokeless products by 2025. The company also aims to generate at least $ 1 billion in net revenues by 2025 thanks to its âbeyond nicotineâ products.
PMI recently announced an agreement to acquire Fertin Pharma, a developer of pharmaceutical and wellness products based on oral and intraoral delivery systems.
Fertin Pharma marks a new step beyond its main tobacco products for PMI, with its portfolio of nicotine liquefiable gums, sachets and tablets.
PMI’s Beyond Nicotine strategy, announced in February, expresses a clear ambition to leverage our inhalation and aerosol expertise in adjacent areas – including respiratory medication administration and personal care wellness – with a goal of achieving at least $ 1 billion in net income by 2025, âsaid Jacek Olczak (pictured above), CEO of PMI.
âThe acquisition of Vectura, following the recently announced agreement to acquire Fertin Pharma, will position us to accelerate this journey by expanding our capabilities in innovative formulations of inhaled and oral products to generate growth and long-term returns, âhe added.
Vectura, which develops inhalation drug delivery solutions for a number of diseases – including COVID-19 – already received another takeover offer from private equity group Carlyle in May.
However, the company’s board withdrew its support for Carlyle’s bid after receiving the highest bid from PMI.
âWe recognize the substantial increase in the price offered to shareholders as part of the acquisition over the Carlyle offer and have therefore recommended the acquisition to shareholders,â said Bruno Angelici, President of Vectura.
“The acquisition will provide our employees with the opportunity to form the backbone of PMI’s stand-alone inhalation therapy business unit, helping to develop products to improve patient lives and address unmet medical needs.” , he added.